Written by Angie Newland @ Angels Admin Support
I’m sure many of you have read articles over the last week or so about Consumer Duty a year on, the
one that got my interest was by Money Hub – “Significant Fines Imposed as Consumer Duty remains
a work in progress”
The article firstly mentions the fines that were given to HSBC and Marks and Spencer -
https://www.fca.org.uk/news/press-releases/fca-fines-hsbc-6-million-over-treatment-customers-financial-difficulty
but for me it was when it went on to mention the research from the Money hub platform where
2000 consumers were polled –
when asked about improvements there had been to customer outcomes, 13% said firms
have failed to deliver good quality support and after-sales care,
while 12% said firms have failed to deliver communications that help them to make effective
financial decisions.
10% felt firms failed to offer suitable products and services that meet their needs.
Many firms have said that they already do all of these things, but if consumers aren’t recognising
that there are significant changes being made then surely firms are either not doing it at all, or not
doing enough if the client isn’t noticing!?
If clients can’t make effective financial decisions are firms still using jargon in their communications,
or are they not staying in touch with the client to answer any questions they may have, or is it
something else?
If bigger firms are currently under the FCA spotlight, then it won’t be very long before some of the
smaller firms are under review and also receiving fines, so not taking the Consumer Duty seriously
really isn’t an option, especially with the 31 st of July deadline upon us, where the FCA will be expecting
there to be data and results available from firms to show where changes have been implemented,
what the result of those changes were, as well as producing a Consumer Duty Board Report.
Does your firm have data and a report to show how or if the changes that have been implemented
have been successful, or not successful?
Have you reviewed the process you use for customer feedback recently, in order to see if your
services are being well received, or if there is anything that you can do better?
Do you have an after sales process in place?
When was the last time you checked that your clients’ products and services were still appropriate?
How far “Above and Beyond” do you go to ensure that the client has a suitable product or service to
meet their needs?
Although the FCA will not be expecting firms to get everything right first time, or be perfect, they will
be expecting to see that they have tried to make improvements where possible and have made
significant changes where problem areas have been found.
Don’t risk putting yourself under the FCA’s radar!
Here is the link to the article: -
If you would like to see how we at Angels Admin Support can assist you with Consumer Duty and all
the things mentioned in relation to this blog, then please do get in touch, we would love to hear
from you.
www.angelsadminsupport.co.uk
Email: angie@angelsadminsupport.co.uk